India's gold imports surged by 78.33% from a year earlier to $3.13 billion in April, on account of declining prices and easing of restrictions by the Reserve Bank of India (RBI). Imports of the precious metal stood at $1.75 billion in the same month of 2014. In March, imports grew 94% to $4.98 billion.
Hike in gold imports is one of the reasons for the widening trade deficit in April, which stood at $11 billion as against $10 billion in April 2014. India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.